Bridging Finance: We still have access to lending markets
Despite all that is happening to the commercial finance market in recent weeks, Try Financial is committed, as always, to finding the right lending solutions for our clients.
While some lenders understandably have left the market temporarily, we continue to be able to access funds for Bridging Finance from a significant number of our lending panel providers.
For example: we are able to access deals from one of our panel of lenders under the following criteria:
- Loans up to 62.5% LTV with a Desktop Evaluation
- First charge unregulated bridging loans
- Residential property
- Coverage across England and Wales
- Loans of £200,000 – £4,000,000 (£2m net per property)
- Rate from 0.59%
- Early repayment rebate
- 12 – 14 month terms
What is a Residential Bridging Loan?
Residential bridging loans are short term, interest-only loans generally used to help you meet a pressing financial need when dealing in the property market.
Applications are often decided on the value of the property and your exit strategy, more than your ability to meet payments.
When would you typically need it?
- Broken property chains. When a buyer pulls out, your offer on your next home and the deposit can be put in jeopardy. A Bridging Loan can tide you over until your home is back on the market and under offer once again
- Buying a second property before selling the first
- Short lease. It could also be used if, for example, you wanted to buy a property with a short lease. You could use the Bridging Loan to buy the property, then add value by extending the lease. This would provide a valid exit strategy
- Refurbishment projects. You can use it a Residential Bridging Loan to refurbish a property before full capital is available
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.